December 15, 2005

Kevin Hall
(804) 393-9406

Diane Sawyer
The Capital Group
Christie Collins
(804) 545-5805
-American Funds Service Company to invest $13.7 million to open customer service center -

RICHMOND - Governor Mark R. Warner today announced that American Funds Service Company, one of The Capital Group companies that manages investments of individuals and large institutions through mutual funds, separately managed accounts and pooled investment funds, will invest $13.7 million to open a customer service center in Chesapeake. The new facility will employ 250 associates. The Capital Group operates two additional Hampton Roads facilities.

“With more than 600 employees in the region, The Capital Group has first-hand experience with the quality workforce in Hampton Roads,” said Governor Warner. “This history of success has made Chesapeake the obvious choice to locate a major support center for one of the largest mutual fund families in the United States.”

The Capital Group, headquartered in Los Angeles, California, manages, distributes and supports mutual funds, investment funds and other investment products for millions of individuals, and manages assets for corporations, governments, retirement plans and nonprofit organizations around the world. The Capital Group is comprised of five companies: American Funds; Capital Research and Management; Capital International; Capital Guardian; and Capital Bank and Trust. Founded almost 75 years ago, the Capital Group has more than 7,000 associates in 21 offices worldwide.

“With the addition of 250 exceptional jobs in Chesapeake, our organization is further strengthening its commitment to the Commonwealth of Virginia,” said Diane Sawyer, senior vice president, American Funds Service Company, one of the Capital Group companies. “Our dedicated associates in Norfolk, Virginia Beach and, now, Chesapeake, are known for their service to thousands of financial advisors and their clients who own American Funds. This includes investments in the Virginia/American Funds CollegeAmerica program, which is the largest 529 college savings program in the nation.”
The Virginia Economic Development Partnership worked with the City of Chesapeake to secure the project for Virginia. Governor Warner approved a $200,000 grant from the Governor’s Opportunity Fund to assist Chesapeake with the project.

Chesapeake Mayor Dalton S. Edge confirmed the City's excitement with the Capital Group announcement. "The City of Chesapeake is proud to welcome the American Funds division of Capital Group to our business community," said Mayor Edge. "As the world's best companies continue their efforts to maximize their long-term business success, Capital Group's selection of Chesapeake confirms our City as a strong corporate location."


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